Conventional and unconventional monetary policy rules

Kevin Sheedy

Journal of Macroeconomics, 2017, vol. 54, issue PA, 127-147

Abstract: This essay examines the challenges in devising rules for unconventional monetary policy suitable for a post-crisis world. It is argued that unconventional monetary policy instruments are a poor substitute for conventional interest-rate policy in stabilizing the economy and in insulating monetary policy from political pressures. Some suggestions for the reform of inflation targeting are made to reduce the need for unconventional policy instruments in the future.

Keywords: Unconventional monetary policy; Monetary policy rules (search for similar items in EconPapers)
JEL-codes: E44 E52 E58 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (2)

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Working Paper: Conventional and unconventional monetary policy rules (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:jmacro:v:54:y:2017:i:pa:p:127-147

DOI: 10.1016/j.jmacro.2017.07.007

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